German chemical giant BASF completed the previously announced sale of its pharma custom synthesis business and parts of its active pharmaceutical ingredients business to Siegfried Holding AG in a deal valued at 270 million euros.
BSAF is currently focusing its pharmaceutical ingredients & services business on its core expertise in pharmaceutical excipients.
The deal has already been granted the relevant merger control approvals. Siegfried Holding takes over the operational management of the business, effective October 1, 2015. About 850 employees are transferred to Siegfried as part of the deal.
In order to ease transition for customers, BASF will provide transitional services until late 2016, including sales and distribution of the divested API portfolio as non-exclusive distributor for Siegfried. The pharma custom synthesis business has been transferred in its entirety to Siegfried.
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